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After the share reform, the stock market has gradually entered the track of "marketization, legalization and internationalization". However, our issuance system has long been an approval system, and the international practice is the registration system. We have promoted the reform of the comprehensive registration system after piloting the GEM and science and technology innovation board. Although there have been some problems criticized by the market, the general direction of this reform must be correct. The comprehensive registration system is an inevitable choice for comprehensive marketization and a fundamental reform of the capital market system.First, the relationship between the big bull market and the great changes in the capital marketThe mature stock market is registered, which is linked with the developed short-selling mechanism of individual stocks. The high elimination rate of Nasdaq and a large number of fairy stocks in Hong Kong stocks are all formed under the joint action of the developed short-selling mechanism of individual stocks under the registration system. The registration system makes the issuance and listing of new shares convenient and easy, and will be short-listed and rarely become a "shell resource".

One of the characteristics of the approval system is the scarcity of listed resources and the long-term lack of metabolism in the market. "Shell resources" is an important reason for the tradition of evil speculation in our market.1, the relationship between 519 market and policy change.

First, the relationship between the big bull market and the great changes in the capital market1, the relationship between 519 market and policy change.The next big bull market is the first big bull market under the comprehensive registration system, and there will certainly be such a big bull market corresponding to the economic transformation and upgrading of China.